Retail restructuring specialist GA Europe has sold its investment in multichannel footwear specialist Shoon as part of a management buyout.

Ken Bartle and Peter Phillips purchased the firm, which collapsed into administration on 6 February, for an undisclosed sum.

Bartle and Phillips have agreed to acquire all of GA's interest in Shoon, including its debt.

GA Europe, which supported the management buyout, will provide funding for working capital and development of the business, as well as taking a direct equity stake, it said.

"We are delighted that Ken Bartle and Peter Phillips will be supporting Shoon in the next phase of its development," said GA Europe chief executive Gavin George. "We've enabled management to re-platform the business and complete the heavy restructuring necessary in the two years post administration."